New Yorkers hold an average of over $300,000 in untapped equity, but many think they need to remain “locked in” to their current mortgage thanks to historically low interest rates.
These homeowners are looking for smart ways to access liquidity without giving up their mortgages’ ultralow interest rates. Their home values are rising, and new purchases are becoming more of a challenge because of increasing property prices. This has led to new desires to renovate or even rent current properties—which is where untapped home equity comes into play.
Lenders can now help New York homeowners tap into this high-demand market with a competitive HELOC and a simple, 100% online application. Figure Lending LLC’s HELOC is available across the entire East Coast, covering 49 states and Washington D.C.
Help your New York customers access up to $400K with a HELOC.3navigates to numbered disclaimer
The growing New York home equity market: A $300K opportunity
High home prices have driven the estimated total home equity in the U.S. to a staggering $35.1 trillion, according to Federal Reserve data.
New Yorkers in particular, have access to a significant amount of equity as a result of the higher property values in some regions of the state.
As homeowners seek alternative ways to access their equity without refinancing, Figure Lending LLC’s HELOC has emerged as a solution for New Yorkers to unlock liquidity while maintaining low mortgage rates.
What can New Yorkers do with their home equity?
HELOCs are a particularly attractive option for New Yorkers with historic properties, allowing them to finance necessary renovations while preserving the unique charm and value of their homes.
According to a recent customer survey, 47.2% of respondents used their HELOC for home improvements, followed by:
Debt consolidation (29.8%)
Backyard renovations (14.3%)
Credit card consolidation (11.6%)
Homeowners are using HELOCs for a wide range of purposes, from aging-in-place renovations to building a new business or even financing an adoption process.
New York homeowners also may want to leverage their home equity to purchase a second home or investment property.
HELOC example: Brooklyn brownstone remodel
Imagine a couple who has lived in their historic Brooklyn brownstone for over a decade. Their home’s value has soared over the years, and they now have $350,000 in home equity.
The property needs some work, so they wonder about the smartest way to leverage their assets and further invest in it. Of course, they refuse to interfere with the current mortgage due to their 2.8% rate.
Using Figure Lending LLC’s HELOC, they unlock $200,000 of their home’s equity without touching their existing mortgage. They use the funds to afford much-needed home renovations that are mindful of their historic value (and ultimately raise the property value even further). They then use the rest of the cash to consolidate high-interest debts.
What similar scenarios have you run into with your customers? Imagine the possibilities of untapped equity in a state like New York.
Download our in-depth lender playbook to help your customers with home improvements. See how to connect with home improvement contractors and turn their prospects into your new HELOC customers.
How a Figure Lending LLC HELOC makes accessing home equity easier and more affordable
This HELOC is attractive to the New York home equity market because it offers larger loan amounts and lower monthly payments compared to personal loans.
The streamlined process allows lenders to offer quick, efficient solutions to their customers, helping lenders close more loans in less time.
“In just a few years, Figure Lending LLC has become the No. 1 non-bank HELOC provider, in large part by getting the capital markets and regulators supportive of our modern approach,” said Michael Tannenbaum, chief executive officer of Figure Lending LLC.
Tannenbaum said the latest state expansion is another milestone in their efforts to drive much-needed structural innovation.
“With our broad and expanding partner network, we’re accelerating our commitment to helping homeowners tap their liquidity easily, efficiently, and reasonably–bar none,” he said.
How lenders partner with Figure Lending LLC to capitalize on this market
This unique HELOC program can help lenders originate and close loans quickly and easily in the New York home equity market with the following features:
100% online application for homeowners with automated underwriting and fulfillment
Consumers get a personalized fixed rate1navigates to numbered disclaimer in as fast as 5 minutes2navigates to numbered disclaimer
HELOCs range from $15,000 to $400,0003navigates to numbered disclaimer
Digital HELOC is branded in your company’s name or easily brokered
We have worked hard to meet New York’s high regulatory standards and now have full coverage across the New York Tri-State area and the greater East Coast region.
Learn more: How to Build a Successful Lending Business
Unlock efficiency with Intellidebt
With nearly 37% of our borrowers using their HELOCs to consolidate debt, we thought we would make it even easier for them.
Figure Lending LLC’s latest addition, Intellidebt, empowers consumers to consolidate debt into a lower monthly payment while potentially qualifying for a higher loan amount and the ability to access more cash from their equity.
With Intellidebt, you can preview your customers' existing debts right from our application. Within the application process, customers can see and select which debts they’d like to pay off, such as credit cards, personal loans, and auto loans. Figure Lending LLC will facilitate payment directly to those creditors.
According to company data, the average Figure Lending LLC customer’s HELOC application amount was nearly $75,000, with approximately 30% of the funding applied to their high-interest debts using Intellidebt.
Using our tool, customers benefited from the following:
An average 29 point increase in their FICO scores
Reduced monthly debt payments, saving them $500-$600 each month
Decrease in APRs for credit cards and personal loans
Help your customers gain access to smart, streamlined financial solutions using this sophisticated platform.
Partner with Figure Lending LLC to capitalize on the New York home equity market
By partnering with Figure Lending LLC, you can offer a streamlined, efficient HELOC solution that not only benefits your customers but also helps you stay competitive in an evolving market.
Now is the time to capitalize on New York’s growing demand for HELOCs. Join over 120 lending partners who are already leveraging our innovative platform to increase loan volumes and offer superior products to their customers.
